The Korea Times

Korea to be among top 4 aging countries

By Kang Seung-woo Staff reporter Korea is expected to become one of the top four aging societies among G-20 countries in 2030, according to the OECD. The Paris-based organization reported Thursday that 24.3 percent of the population will be 65 or and over then, due to a low birthrate and rapid growth of the aging population. The number is the fourth-highest proportionally, as Japan is expected to have the oldest population among the world's top 20 economies, followed by Germany and Italy. The neighboring country is forecast to see 31.8 percent of its people aged 65 and over and Germany and Italy are likely to soar to 27.3 and 24.3, respectively. France, Canada, Australia and Britain, all of which are also expected to become super-aged societies in 2030, where senior citizens account for more than 20 percent of the total. In contrast, India and South Africa were expected to remain young, as their aging populations are projected to stand at 8.8 percent and 7.5 percent, respectively. Korea is suffering from the world's lowest birthrate although the government has p

May 13, 2010By Kang Seung-woo

Companies

English is key handicap for workers

By Kang Seung-woo Staff reporter Shin Guang-ho is stressed out these days due to his demanding daily schedule. Every day after leaving the office he heads to an English language institute. Although he works at a leading telecommunicating company, the 30-year-old is convinced that he still needs to improve his English skills to survive. In a survey of 583 office workers, Job Korea, a local online recruiting company, found that poor English-speaking ability is the biggest handicap for many Korean office workers, accounting for 36.6 percent of those questioned. Academic background was a distant runner-up at 21.8 percent. Following on the list of disadvantages were a lack of personal connections (14 percent), alma mater (9.1 percent) and language study abroad (7.4 percent). ``In the age of globalization, English has become a measuring stick in evaluating who is a stand out performer,'' said Shin, who started learning English last year. ``As a result, people around me have spent more time studying English as part of a desperate attempt to improve their careers.'' Manag

May 13, 2010By Kang Seung-woo

Companies

Financial firms face soaring complaints

By Kang Seung-woo Staff reporter Local financial companies have primped and primed to lure customers with a variety of products and services, but these offerings have still a long way to go to cope with rising complaints. What is remarkable is that major players, such as Kookmin Bank, SC First Bank and MetLife, are at the bottom in dealing with customer complaints. This was revealed in the Financial Supervisory Service's (FSS) evaluation of complaint management in 2009 of 73 financial companies ― banks, insurers, securities firms and card issuers ― released Wednesday. According to the assessment, 52 companies suffered a drop in grade last year from 2008, with just three seeing theirs rise. Eighteen maintained the same ratings. A total of 26 companies were ranked fifth ― the lowest grade. This signifies the worst complaint management. ``As the number of complaints from customers is growing, the companies suffer demotions,'' an FSS official said. The financial regulator has annually ranked each firm after considering factors such as the number of complaints, the c

May 12, 2010By Kang Seung-woo

Companies

Ex-officials to run for KB job

By Kang Seung-woo Staff reporter The selection process for the new head of KB Financial Group has been thrown wide open after the candidate recommendation committee hinted that former government officials may be considered for the top post. ``We have not discussed any special categories regarding the professional background of the candidates, but our basic principle is that a past career should not be a hurdle for the chairmanship,'' Lim Suk-sig, chairman of the committee of nine outside directors, told The Korea Times. His remark is taken as a sign that the committee could possibly select a former bureaucrat as the new KB chairman if he or she demonstrates the capability to lead the nation's largest financial group. The committee's stance came as a surprise to the market as the government has expressed its intention not to parachute a former government official into the position. In February, Strategy and Finance Minister Yoon Jeung-hyun said that former bureaucrats would not take the helm because it would lead to misunderstandings. The committee established several

May 11, 2010By Kang Seung-woo

Companies

Europe debt fears may delay BOK exit plan

By Kang Seung-woo Staff reporter The renewed fears of another financial crisis created by the debt turmoil in Europe is likely to make Seoul policymakers more cautious about an exit strategy, further delaying the timing of a rate hike. Market participants are now paying close attention to Bank of Korea (BOK) Governor Kim Choong-soo and whether he will deliver a hawkish commentary following another rate freeze at the monetary policy committee meeting slated for Wednesday. Although a rate increase is not forecast to come this month, Kim, known as a dovish governor, has been widely expected to adjust his stance as key economic data are pointing to a fast economic rebound. The central bank has been trying to ignite a debate over rate hikes to create an atmosphere for moving to halt the credit-easing campaign. In its financial stability report, it stressed the need to carry out its monetary policy in a preemptive manner, saying that the effect of rate increases on the economy will be limited. The BOK froze the key rate for the 14th straight month in April. However, market

May 11, 2010By Kang Seung-woo

Companies

Gold gains popularity as investment

By Kang Seung-woo Staff reporter With a financial crisis stirring in the debt-laden Euro Zone, investment in gold banking has been coming back into the spotlight. According to Shinhan Bank, its gold-related funds "Gold Riche" saw its daily trading volume rise about 70 percent from the previous month ― to 84 kilograms of gold per day at 3.6 billion won ($3.18 million) from 54 at 2.1 billion won. The Industrial Bank of Korea also saw the sales of its gold banking rise from 294 kilograms worth 12.08 billion won at the end of last year to 305 kilograms at 12.79 billion won last week. "Due to the structural problem of the euro, there is a possibility of another crisis occurring. As a result, the trend for pursuing a safe asset will last for the time being," said SK Securities analyst Yeom Sang-hoon. Investors worldwide have been seeing gold as an alternative investment. It is considered as, and is historically proven to be, a "safer" investment asset compared with equities and housing. "Uncertainties over Southern Europe's debt crisis are growing, so money has flown to

May 11, 2010By Kang Seung-woo

Companies

Card firms post 18% rise in profits

By Kang Seung-woo Staff reporter South Korea's credit card companies have seen a sharp rise in net profit on the back of the fast economic rebound. The Financial Supervisory Service (FSS) announced Monday that six credit card firms earned 494.3 billion won ($435.97 million) in the first quarter of 2010, up 17.9 percent from 419.2 billion won over the same period last year. This year's amount included Hana SK Card, which became an independent unit from Hana Financial Group last November. If the new-born card company's loss of 13.3 billion won is counted out, the net earnings in the January to March period would be a year-on-year 21.1-percent growth. Shinhan Card ran away with the lead at 262.6 billion won in net income, followed by Samsung Card and Hyundai Card at 116.6 billion won and 69.4 billion won, repsectively. As of the end of March, the average default rate for card firms dropped by 0.27 percentage point to 1.96 percent. The rate measures overdue card bills against total charges, in the first three months. The operating profits from the six companies jum

May 10, 2010By Kang Seung-woo

Companies

Korea holding breath over Greek debt crisis

By Kang Seung-woo Staff reporter The financial malaise created by the debt crisis in Greece has swept through the global financial market, renewing fears that the world will go through another economic meltdown akin to the one triggered by the collapse of Lehman Brothers. It still remains to be seen whether it is the harbinger of another financial storm that will travel across the globe or only one of the passing economic hiccups that lie in the path to the full recovery of the global economy. However, one thing that is obvious is that Europe's debt fiasco is a double-edged sword in regards to Korea. It will have a negative impact on the local economy in the short term as the turmoil is expected to destabilize the financial market and delay the complete recovery. The other side of the coin is that depending on how to cope with it, South Korea will be able to strengthen its position in the global community by capitalizing on the fall of Europe, which has shared the global economy with the U.S. over the past few decades. Contagion of fears Korean policymakers have be

May 9, 2010By Kang Seung-woo

Companies

Firms beef up World Cup marketing

By Kang Seung-woo Staff reporter As the South Africa World Cup is just around the corner, South Korean football manager Huh Jung-moo is busy drawing up his final roster. And so is the local industrial world, as companies have come up with a variety of marketing events linked to football's biggest international tournament. A large-scale cheering campaign has been a never-fail chance for firms to promote themselves. Hyundai Motors, an official sponsor for the World Cup, will launch street cheering events along with local governments and public corporations on a national scale. The company's cheering campaign is authorized by FIFA, so it will use the official emblem, logo and mascot during the events. Hyundai's affiliate Kia Motors, along with SK Telecom, another company that held many events during the past World Cups, has arranged a 160,000-kilometer nationwide road show with hopes for Korea's second-round berth. Lotte Department Store and its branches plan to borrow their own multiplex theaters, Lotte Cinema, and invite supporters on the days South Korea plays

May 7, 2010By Kang Seung-woo

Companies

KB Financial starts CEO selection

By Kang Seung-woo Staff reporter KB Financial Group will come up with a group of candidates for its presidency by the middle of this month and finalize its choice next month. The recommendation committee of outside directors held a meeting in Seoul, Wednesday, and decided that nominees will be selected for interview by May 20 and the finalist picked by mid-June. If the finalist earns a final nod at a shareholders' meeting, he will be inaugurated for a three-year term. Current Kookmin Bank CEO Kang Chung-won was nominated as group leader, but withdrew. To bring transparency to the process, three outside personnel search organizations will be used to create a pool of candidates. ``We will receive the list of candidates from the agencies and look into them to come up with the best suitable person,'' a KB official told The Korea Times. ``In order to improve the transparency of election and lead a fair race, all procedures will be made public.''

May 5, 2010By Kang Seung-woo

Kang Seung-woo

Read more

Korea to be among top 4 aging countries

English is key handicap for workers

Financial firms face soaring complaints

Ex-officials to run for KB job

Europe debt fears may delay BOK exit plan

Gold gains popularity as investment

Card firms post 18% rise in profits

Korea holding breath over Greek debt crisis

Firms beef up World Cup marketing

KB Financial starts CEO selection

Top 5 stories